In taxation, active income refers to earnings derived from active involvement in work and trade, including salaries, wages, and commissions. It is distinct from portfolio and passive income, which come from investments and activities in which the taxpayer does not materially participate.
Back pay refers to compensation owed to an employee for work performed in a previous pay period, typically resulting from payroll errors, disputes, or legal settlements.
A COLA is an adjustment in wages or benefits intended to offset changes in the cost of living, typically indexed to metrics such as the Consumer Price Index (CPI).
Monthly data on national employment and unemployment, wages, and earnings across all non-agriculture industries, providing key economic indicators.
Amounts received from an office or employment including all salaries, fees, wages, perquisites, and other profits as well as certain expenses and benefits paid or provided by the employer, which are deemed to be emoluments. They are subject to income tax.
An employer is an individual or organization that hires and pays workers, providing them with wages and a livelihood. The employer holds authority to direct the work and has the ability to hire or dismiss employees, furnish working locations and necessary supplies, and handle tax obligations.
Employment costs refer to the total expenditure incurred by an organization in employing personnel. This includes salaries, wages, bonuses, incentive payments, employer's National Insurance contributions, and employer's pension scheme contributions.
Factors of production refer to the resources required to produce economic goods, including land, labor, capital, and entrepreneurial ability. Each factor has an associated cost: rent for land, wages for labor, interest for capital, and profit for the entrepreneur.
Gross earnings refer to an employee's salary or wages before any deductions for taxes, Social Security, and employee benefit contributions are made.
Human capital refers to the skills, knowledge, and experience possessed by an individual, viewed in terms of their value to an organization. This concept helps explain variations in wages and employment decisions in the labor market.
A labor agreement, also known as a labor contract or collective bargaining agreement, is an officially negotiated deal between management and labor unions detailing the terms of employment, working conditions, wages, benefits, and other employment-related matters.
A labor dispute refers to a controversy between management and labor over various aspects of the workplace, including working conditions, wages, job descriptions, and fringe benefits.
Labour costs refer to the total expenditure on wages paid to workers who are directly or indirectly involved in the production of a product, service, or cost unit. This includes both direct and indirect labour costs.
The rate of growth in national income that maintains the current level of employment and wages. This rate equals the growth rate of the labor force added to the rate of productivity.
Nominal wage refers to the amount of money earned by workers in current dollar terms, without adjusting for inflation or changes in purchasing power.
Pay can refer to the compensation given to personnel for services performed or the act of exchanging money for goods or services.
The payroll period is the interval of time for which an employer ordinarily pays wages to employees. The amount of withholding varies depending on the payroll period.
Explore the concept of the ratchet effect, where an economic variable, such as prices or wages, undergoes an irreversible change. Understand how temporary pressures can have lasting impacts on the economy and contribute to inflation.
Real earnings refer to wages, salaries, and other forms of income adjusted for inflation, providing an accurate measure of changes in purchasing power over time.
Remuneration is a sum of money paid for services given, encompassing both salaries and wages.
In Marxist theory, the large number of unemployed whose existence assures that wages will be kept at minimum levels.
Speedup refers to the efforts by employers to obtain increased productivity from workers without a corresponding increase in wages. This practice is commonly seen in both industrial and corporate settings where efficiency is crucial.
Stickiness refers to the phenomenon where certain economic variables, such as prices and wages, remain fixed or adjust slowly in response to changes in market conditions. This often results in wages and prices being 'sticky downward.'
A fixed regular sum paid as a salary or allowance for services rendered, often associated with internships, apprenticeships, fellowships, or academic roles.
An economic proposition asserting that wages cannot fall below the subsistence level for an extended period as such a level cannot sustain the labor force.
Take-home pay is the amount of wages a worker actually receives after all deductions, including taxes, have been made from their gross income.
A trade union, also known as a labor union, is an organization formed by workers to protect their rights, improve working conditions, secure better wages, and advocate for their interests through collective bargaining and various forms of negotiation with employers.
Underpay refers to a scenario in which individuals receive wages that are considered insufficient or below the market value for the job or procedure they perform. This can be due to several factors, including market dynamics, organizational policies, or perceived worth.
Wage-push inflation is an inflationary situation in which increasing wages are not offset by rising productivity, leading to higher production costs and, consequently, increased prices for goods and services.
Wages refer to the remuneration paid to hourly paid employees for the work done, typically based on the number of hours spent at the place of work.
